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Korean Startup GoldMining Launches Gold-Backed Cryptocurrency

/UCW/ SEOUL, SOUTH KOREA – Korean startup GoldMining announced that it would exchange mined cryptocurrency for gold at Korea Exchange Gold Market, store the gold at Korea Securities Depository (KSD) and issue a gold-backed digital currency.
Pre-sale of tokens will start on April 1.

GMC and GSC tokens will be issued. GMC stands for Gold Mining Cryptocurrency. GMC tokens can be bought through the token sale. One Ethereum represents 30,000 GMC tokens. Pre-ICO is offering up to 30 percent bonuses for early buyers. The earlier you buy tokens, the more bonuses you will get.

GSC stands for Gold Standard Cryptocurrency. This cannot be purchased through the token sale. Gold stored at KSD is allocated proportionally only to GMC token holders.

A total of five rounds of token sale will be held with the goal of raising about $50 million.

Generally, investors in gold-backed digital currency are concerned about how gold is vaulted. In a bid to secure the transparency of gold storage, GoldMining will store gold in the high-security KSD vaults operated by the Republic of Korea government.

If the token sale comes to a successful conclusion, GoldMining will be able to buy and store more than 100 kilograms of gold a month and secure more than 1 ton of gold within a year.

“Our project is to become a bridge connecting the cryptocurrency market to the real economy in order to pioneer a digital currency market based on gold. Gold will sit safely in KSD vaults operated by a government agency. Tokens will be valued by gold, the safest ever in human history,” Harold Han, founder of GoldMining ICO Project, said. “Blockchain-based cryptocurrency is an innovative technology, indeed, to actualize the gold standard system.”

According to GoldMining prospectus, the return rate is expected to reach 100 percent per annum. GSC tokens will not be bound by mining profits but will expand to the currency market as gold-backed money. Mining will begin within a month after the token sale ends, and after two months, GSC tokens will be issued. There is no need to wait for a long time until the ICO is completed.

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